Stephen Miller Faces Ethics Questions After Cashing Out Stock Following Trump Deal
Stephen Miller, a senior adviser and deputy chief of staff to President Donald Trump, is facing renewed scrutiny after disclosing the sale of stock in MP Materials Corp. shortly after the Trump administration announced a major federal support package for the rare-earth mining company.
According to a December 9 report by The New York Times, Miller sold between $50,000 and $100,000 worth of MP Materials shares on August 14, 2025, about one month after the administration unveiled an extraordinary government investment in the Las Vegas-based firm, whose minerals are critical to U.S. defense and technology supply chains.
On July 10, the administration announced a sweeping package to support MP Materials, including a $400 million federal equity investment for a 15% stake, a $150 million low-interest Defense Department loan, a 10-year minimum price guarantee, and a commitment to purchase all magnets produced at a planned Texas facility. Following the announcement, MP Materials’ stock price surged sharply, climbing from about $30 per share the day before the announcement to a peak of more than $76 in mid-August.
Miller purchased the shares several years earlier and was not directly involved in negotiating the MP Materials deal, the Times reported. However, he oversees a broad policy portfolio that includes supply-chain and industrial policy issues. Financial disclosures also show that Miller’s wife, Katie Miller, held up to $50,000 in MP Materials stock at the time.
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Ethics experts told the Times that Miller does not appear to have violated federal ethics laws or insider-trading rules. Still, watchdog groups argue that the timing of the sale creates an appearance of a conflict of interest, particularly given the scale of the government intervention and the rapid rise in the company’s share price.
The White House defended Miller, with spokeswoman Abigail Jackson stating that he “fully divested from stock holdings early in the administration in proactive coordination with the Office of Government Ethics.” MP Materials declined to comment.
The episode follows earlier criticism in June 2025, when Miller disclosed holding significant shares in Palantir Technologies while the company received major government contracts, later divesting after public attention.
The Times report has sparked significant discussion on social media, where critics accuse the administration of weak ethics enforcement, while supporters dismiss the controversy as partisan. The debate reflects broader concerns about financial disclosures and conflicts of interest among senior officials in Trump’s second term.
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